J.C. Penney said Monday Chief Financial Officer Edward Record will leave the struggling retailer to "pursue other interests."

Record will step down on Tuesday but will remain in an advisory capacity with the company until Aug. 7. The company's stock fell nearly 2 percent in after-hours trading following the announcement.

"I've had a very rewarding experience at JCPenney, and am proud of the work we have undertaken to strengthen the company's financial condition," Record said in a press release. "JCPenney is well positioned for the future, and I will continue to follow the company closely as the team builds on the positive momentum it has experienced over the last few years."

Andrew Drexler, senior vice president and chief accounting officer and controller, will serve as CFO on an interim basis while the company looks for Record's replacement.

Record joined the company in March 2014, and during his tenure, the company retired more than $1.4 billion in debt, according to a press release. Despite accomplishments, JCPenney has continuously struggled along with the rest of the retail industry.

CEO Marvin Ellison thanked Record for his work and teased future announcements.

"The timing of his departure coincides with a demonstrated sales performance improvement in the second quarter, and we continue to expect to report significantly improved top-line results this quarter versus the first quarter," Ellison said. "We look forward to sharing more details on August 11."